Insurance Ireland – EisnerAmper Ireland INED Forum 2, 2018

27 September INED Forum 2: IFRS 17 – from an INED perspective

The International Accounting Standards Board (“IASB”) published IFRS 17 in May 2017 replacing the current standard, IFRS 4, on insurance contracts.  Effective for annual periods beginning on or after January 1, 2021, insurers’ and reinsurers’ financial statements will be required to provide additional transparency, granularity and comparability information to their stakeholders to meet IFRS 17 requirements. 
IFRS 17 undoubtedly represents the most significant change to insurance accounting in over 20 years.  While the effective date is a few years away, now is the time for INEDs to ensure that preparations are being put in place by management teams for implementation of the standard in an appropriate fashion.  Key to the success of implementation is a shared understanding of the main changes required and their impact on operations, systems and processes, enabling firms to prioritise resource acquisition/allocation within implementation projects. One key task for INEDs right now is to understand their role in making appropriate implementation decisions and to engage with management to ensure that the new standard is considered early enough to identify issues or risks to successful implementation. 

The session will include the following:

• Rationale for changing insurance contracts accounting;
• IFRS 17 – key issue overview; 
• Role of INEDs in the implementation of the new accounting standard – what to do, who to  do it, and when; and
• Q&A.

Speaker: Ray Kelly, Financial Services Partner, EisnerAmper Ireland

GDPR – oversight of implementation & embedding
With the General Data Protection Regulation (GDPR) in effect since May 2018, businesses are becoming more keenly aware of the challenges involved in operationalising new requirements and demonstrating compliance with the new regime. Board members’, including INEDs, roles in this regard have shifted from oversight of preparedness to oversight of implementation and embedding. A key responsibility for INEDs is to understand their role in making appropriate oversight decisions and to engage with management to ensure that all post-implementation risks are identified. The session will include a discussion of the following:

• GDPR – overview of key themes/issues emerging to date;
• Discussion on relevant obligations from a practical INED perspective (e.g. relating to structures/policies/arrangements, implementation and compliance oversight);
• Q&A.

This Insurance Ireland Event is open to Insurance Ireland members only or by invitation from our CEO.

For further details click our event registration website. 

Registration is strictly via our online event registration tool.

If you have any questions about this event contact una.coleman@insuranceireland.eu 

A photographer will be present at this event. Photos will be posted to our website and used in our marketing and communications collateral. If you do not wish to be included please mention to the photographer and/or contact the event organiser in advance.